(205 ILCS 105/2-6) (from Ch. 17, par. 3302-6)
Sec. 2-6.
Completion
of Organization. The directors so elected shall proceed to:
(a) Organize as a board and qualify as directors;
(b) Adopt by-laws;
(c) Elect officers pursuant to the by-laws;
(d) Collect subscriptions to the required capital, but only after the
persons designated to collect such subscriptions have been bonded as
provided in this Article;
(e) Obtain and maintain insurance of the association's withdrawable
capital by an insurance corporation as defined in this Act;
(f) Take such other action as may be necessary to complete the
organization;
(g) Report the completion of the organization to the Commissioner.
Unless such report is made to the Commissioner within 12 months after the
date of the permit to organize, or if applicable, 90 days after the date of
final determination of the original application for insurance of accounts
including the time specified for compliance with conditions of the
insurance corporation as evidenced in writing by the insurance corporation,
the permit shall be deemed revoked and any subscriptions collected shall be
refunded unless the 12 month period heretofore referred to is extended for
an additional period not to exceed 24 months by the Commissioner; and
(h) Submit to the Commissioner, along with the report of completion of
organization, a list of the names and addresses of all officers and
directors of the association. Such statement shall set forth details for
the 5 preceding years the present business of every officer and director,
his financial statement and the nature and extent of his prior
affiliations with, including the officers, directors and 10% or more
stockholders of, any other financial institution.
(Source: P.A. 84-543.)
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